Where the payor and the payee are the same, a PAD drawn on the account of a payor to transfer funds from their account at one member financial institution to their account at another member financial institution. Examples include registered savings plan, mutual funds, segregated funds, annuities, deposit accounts, cash accounts, and investment accounts.
Funds are delivered with finality to payee when the payee FI has certainty of credit from the payor
A member that, on its own behalf or on the behalf of the group's entitles, exchanges payment items and either effects clearing and settlement or makes entries into the ACSS.
High Value Payment Systems; a set of instruments and procedures that facilitates typically large-value inter-FI transfers with finality)
A digital representation of the front and back of a payment item.
Any paper output of an Image, created by a CPA member.
An entity that cannot meet the applicable eligibility criteria or for business reasons accesses the core payment system through an agency agreement (i.e., sponsorship) with a direct participant
A three digit number, assigned by Payments Canada, which can be used on payment items to identify a member financial institution or other institution listed in Appendix I of Rule D4.
Ability for payments to be processed (exchanged, cleared and settled) across multiple systems or jurisdictions (e.g., cross-border) without manual assistance; generally facilitated by adoption of common standards and/or technical compatibility
Know Your Customer. It involves the process of verifying the identity of clients, mainly to detect the use of money for illicit activities.
Ability to be read or deciphered by a human viewer.
Queuing arrangements in a payment system, where queued payments are released as part of a bilateral or multilaterally off-setting of payments. The use of the queue and the off-sets reduces the liquidity required to meet the controls to enable the transactions to be sent to other participants.